Gordon Haskett analyst Chuck Grom upgraded Williams-Sonoma (WSM) to Buy from Hold with a $205 price target While acknowledging “the road might be choppy,” the firm says its more positive posture is based on expectations for some modest improvement in sales during the second quarter, which it thinks will “represent the beginning of a potentially multi-year period of industry expansion.” The recovery cycle in furniture is “long overdue,” with pent-up demand most likely to be released first amongst higher-income consumers, which is a group towards which Williams-Sonoma is over-indexed, the analyst added.
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